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Supreme Court Allows Appeal in Specific Performance Case — Delay in Deposit of Balance Sale Consideration Condoned. The court held that the conditional decree was satisfied by deposit under court orders, and the judgment-debtor's right to rescind was lost as he did not seek rescission before deposit.

The appellant, filed a suit for specific performance of an agreement for sale of 3.75 acres of land dated 14.11.2011, wherein the respondent, agreed t...

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High Court of Karnataka Hears Writ Petition Seeking Enforcement of RBI COVID-19 Moratorium Package. Petitioner Challenges Banks' Denial of Moratorium Under RBI Circular Dated 27.03.2020.

Velankani Information Systems Limited, a company operating an IT park and a five-star hotel in Bengaluru, availed term loans aggregating Rs. 475 crore...

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Supreme Court Enforces Foreign Award in Two-Tier Arbitration — Holds ICC Award Enforceable Despite Prior Indian Award. Two-Tier Arbitration Clause Valid Under Indian Law; Natural Justice Opportunity Afforded to Respondent.

The dispute arose from a contract between Centrotrade Minerals and Metals Inc., a US corporation, and Hindustan Copper Ltd. (HCL) for the sale of copp...

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Bombay High Court Dismisses Appeal Against Refusal to Restrain Bank Guarantee Invocation in Contract Dispute. No Fraud or Special Equities Established to Prevent ONGC from Encashing Bank Guarantees Furnished by Mercator Oil & Gas.

The appellant, Mercator Oil & Gas Limited, had entered into a contract with the first respondent, Oil & Natural Gas Corporation Limited (ONGC), for th...

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Bombay High Court Dismisses Petitioners' Challenge to Tender Cancellation in Public Works Contract. Court Holds That No Vested Right Arises Until Formal Acceptance of Bid, and Government Has Discretion to Cancel Tender in Public Interest.

The petitioners, Jai Laxmi Constructions and others, filed two writ petitions challenging the cancellation of a tender process and the issuance of a f...